All Forum Posts by: Matt Devincenzo

This sounds like you have an existing, and I assume, successful practice in place. If that's the case and you're using the majority of the space for that practice then a business purpose loan like SBA may be a better fit. They can be 10% down for RE associated with a business. That coupled with a 5-10% seller carry could get you where you need to be. 

The only thing is if the MFR is purchased with this, but not for the business then you may not be able to consider it in this loan so you may still need an alternate option there. You don't say how short of 20% you're coming up, but I'd start with your current business banking relationship and discuss options with them. If they can't/won't facilitate look for a new local business bank that has a "consultative" approach and see what they'd consider to bring your banking to them.

Even if they are legit I would pass. I do furnished monthly stays and book via FF and AirBnB. Periodically someone from ABB will ask to book off platform or if I rent separately. While I do book on FF and could save the fees for us both, it isn't an 'honest' practice IMO. I'm generating a lead form ABB and then I'm going to take their potential revenue for that effort...that is theft (I'm being a bit polemic, but the point is there). I'd have no issue if they mailed me or scraped TOT info to reach out etc, but to use a businesses platform to market and take revenue away, and have to disguise your contact info to do it...no thanks.

I realize some of that is just the name of the game, and plenty are ok with prospecting this way but for me you can use the demographic of STR owners without directly sourcing via the competitions platform.

I'd be willing to guess that anywhere that is classified as VERY street by street is probably a bit rougher than you should be looking for. When it is that street by street you're a couple bad lease ups in the neighborhood from your house ending up being on the 'bad' street. So you need to be local to know who is in the area and ensure your street doesn't transition down in quality...it can happen in 12-18 months before you can do anything about it. I'd rather have a solid C that is in a clear C neighborhood and will stay that way than a B that could slide into a C or D erasing my equity value. 

Zillow, Stessa and several others all offer this free for 7 day deposit or a small fee for immediate. I set my tenants up on Zillow and they put their info in directly so I don't have to get involved with their bank at all.

That's kind of irrelevent now...the fact remains that she did show the homes to you. You might feel like the effort doesn't justify the cost, but she was involved on the initial showing and that's what demonstrates the agency between you two. 

Yes, she did her job showing you those two homes so if you buy one she should get paid. Is there context for why youbdon't think she should get a commission for those homes if you purchase? 

Get a new PM, this one doesn't understand the rules and responsibilities they're supposed to be applying. 

You are never obligated to make accomodations for the tenant, you are simply required to allow them to make reasonable accomodations...and a structural door widening would not be 'reasonable'. The accomodation is also at their expense not yours. So there is no narrative where you somehow didn't have to do something 3+ years ago, so now you should make accomodations now as a thank you.

Also while they are right to give the tenant notice that the doors need repair to avoid a security deposit claim, the tenant cannot just make the repair any way they see fit. They could have stated that the tenant needs to find a licensed contractor and provide their info/quote for owner approval and then pay the cost directly. Alternatively you have your quote and would make the repairs for $XXX...it seems this has somehow turned into a tenant right that simply doesn't exist.

Like Jay said closing is no issue, title insurance is. Depending on what the plan for the property is I'd be ok closing as is. You can pursue a quiet title post closing to clear this up and add value. Or if you just want it for getaway, hunting, fishing etc leave it the way it is. If values in the area increase significantly then you can pursue a QT when it makes sense. If they don't increase significantly then you simply sell to another buyer who knows what they're getting in a lower cost piece of land. 

I wouldn't have offered anything in the first place.  

Deal structure comes as a result of identifying an objective (rental, flip etc) and then a property you'd like to pursue. So what's your approach, and why this property vs. any of the others in the area? 

I'd advise against assuming the loan or seller financing in most scenarios...typically it is discussed because buyers think they can get something for nothing. Meaning they think they can SF at a really low DP, and not compensate the seller with a higher rate or better terms. I'm not saying that's what you're doing, but why would your friend SF to you? Their best bet is likely to sell on the open market...so why should they make less money (potentially) so you can make more? Are you able to help them make more this way? Help them reduce risk? What's their hook here...

I've sold on SF several times, so I'm not opposed. But too often the reasons aren't there.